Seven Threats to Baby Boomer Retirement

Where are you in planning to avoid these Seven Threats to Baby Boomer Retirement?

Check out this list of Seven Threats to a successful retirement plan.

Number One:

Did you OR are you saving enough for a good retirement? You might want to consider saving more and also don’t under estimate inflation! Ask yourself what will you need to live comfortably – Look at healthcare costs, housing (consider downsizing), food, medications, travel and other pleasure activities.

Number Two:

Anticipate emergencies and unplanned events in life. Think about possibilities like divorce, illness, death of relatives, loss of a job… establish an emergency fund for bad days.

Number Three:

Maybe this should be Number One – Start Saving Now! Have a plan so you can be ready when you really want to retire! (Also, see Number One – it’s connected to this one).

Number Four:

Review, with your certified financial planner, fees and expenses that may reduce your retirement funds when you need them to maintain your lifestyle.

Number Five:

Leave your nest-egg alone! Don’t be tempted to borrow or remove funds you have already saved for your retirement. Forget about it!

Number Six:

Watch out for “Inflation”! Factor this into your plan for saving, rising prices and costs are a significant threat to your account.

Number Seven:

Last but not least – Outliving your Money! Can’t control this, but you can plan ahead with a good consultation with your certified financial planner. The main thought here is to have a plan and consult a certified financial planner to keep you on track for a successful baby boomer retirement.

Did you know? Baby boomers are living longer as well as enjoying better health. Also, baby boomers are working longer for a variety of reasons. The downside is that baby boomers have more debt. Source…